Emotion. Pride. Ego.

According to Roto Smeets chief John Caris, these are the three biggest reasons why the industry consolidation that bosses at some of Europe's biggest print groups crave hasn't actually happened.

And Caris should know. A few years back he had a deal to merge with QuebecorWorld all lined up, and then when push came to shove, or rather pen came to paper, Quebecor boss Pierre-Karl Peladeau couldn't bring himself to sign it, Caris believes, because of the emotions involved in selling the business that his father had built up. Some time later, when QuebecorWorld returned to the table, it was the Roto Smeets shareholders who got cold feet and rejected the deal.

By happy accident I spent quite a bit of time last week with Caris, it's always a treat to speak with him because of his refreshing candour and honesty. Especially so given Roto Smeets' plc status.

Take this from the group's statement on future prospects in its latest financial announcement: "As long as the graphics industry remains in a state of disequilibrium it remains virtually impossible for the Roto Smeets Group to make any statements about the result to be expected for 2010. Roto Smeets Group is convinced that the industry as a whole must come to the inevitable conclusion that it is unsustainable to continue to offer its products and services at low or no margin, or even below cost price. The graphics industry can only reduce the erosion of its margins by taking capacity out of production and increasing prices to restore profitability to its business operations."

I can hardly wait to have a no-holds-barred chat with him once the deal to take the €415m group private (it's currently dealing with various regulatory hurdles) is completed. Watch this space.